EMI officially cutting up to2000 jobs
Wed 16th Jan, 2008 in International News
EMI Group chairman Guy Hands has issued a statement making the rumours official: he will cut up to 2000 jobs from the company by mid-2009.
The EMI press release reads, “The restructuring will also enable the group to capture significant efficiencies and cost reductions which are expect to reduce costs by up to £200 million per year. The restructuring is also expected to lead to a worldwide headcount reduction within the group of between 1,500 and 2,000”.
Hands also addresses the major label’s recent losses.
“We have spent a long time looking intensely at EMI and the problems faced by its Recorded Music division which, like the rest of the music industry, has been struggling to respond to the challenges posed by a digital environment.”
EMI has been having a tough time of late, having lost big earners Radiohead and Paul McCartney. Claims that Coldplay are also considering leaving after their contract is up have been refuted by the band.
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